PetroVietnam surpasses first quarter targets

Hanoi (VNA) – The Vietnam National Oil and Gas Group (PetroVietnam) surpassed all
targets set for the first quarter this year by 4-15 percent in early March.

In the first
two months this year, the group tapped 4.13 million tonnes of oil, produced 3.56
billion kWh of electricity, 281,800 tonnes of nitrate and 1.13 million tonnes
of petrol.

The total
revenue exceeded the target by 12 percent, marking a 16 percent increase
annually while revenue to the State budget rose 12 percent year-on-year and
surpassed the plan by 30 percent.

The Vietnam
– Russia joint venture Vietsovpetro, the PetroVietnam Exploration Production
Corporation, the Rusvietpetro, the Binh Son Refinery, the PetroVietnam Power
Corporation, the PetroVietnam Fertiliser and Chemicals Corporation, the
PetroVietnam Ca Mau Fertiliser Jsc also performed well.

All of its
affiliates completed financial targets in terms of earnings, profit and revenue
to the State budget.

PetroVietnam
President Tran Sy Thanh will continue closely overseeing the construction of
mines and facilities and safely operate oil and gas plants and works.

The group will also divest in firms in 2017-2020 as
approved by the Prime Minister, deal with difficulties faced by five weak
projects, and hasten the construction of gas – electricity chain at Lot B,
thermal power plants Long Phu 1, Song Hau 1 and Thai Binh 2.-VNA